India’s leading broadband and cable access provider, Atria Convergence Technologies (ACT) has increased its shareholding in Beam Telecom to 80 per cent and planning to fully acquire it soon.
Atria has acquired additional 20 per cent stake of the promoters of Beam Telecom and has an agreement to buy out their residuary stake in the Hyderabad-based broadband company.
The promoters were earlier holding 40 per cent stake in Beam Telecom while the rest was held by Atria. The buyout of the joint venture partners will mean that Beam Telecom becomes a wholly-owned subsidiary of Atria.
Atria had raised Rs 180 crore of debt to fund the stake acquisition. The balance amount of the secured non-convertible debentures (NCD) was used as capital expenditure for expansion of the broadband business and digitisation of its cable TV network.
Atria plans to raise fresh capital of Rs 200 crore (Rs 2 billion) to fund its expansion in broadband and cable TV businesses. It is preparing to seed set-top boxes (STBs) in towns that fall under digital addressable system (DAS) in Phase III. The company is also planning to expand its broadband subscriber base in the three cities where it is present.
Source: http://cablequest.org/news/broadband-and-iptv-news/item/5135-cq-atria-increases-shareholding-in-beam-telecom-to-80.html
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